Offshore Drilling Makes a Comeback After Years in Shale's Shadow

[Yo_Mama_Been_Loggin]

(Bloomberg) -- Offshore is ready for the limelight again.

After years in the shadow of the U.S. shale patch, deep-water explorers from Royal Dutch Shell Plc to Talos Energy Inc., along with contractors such as Ensco Plc and TechnipFMC Plc, told investors at the Scotia Howard Weil Energy Conference in New Orleans this week they see a revival coming. That was a stark contrast to a subdued outlook for shale at the event.

“The offshore recovery is under way today,” Jon Baksht, chief financial officer at Ensco, told investors Tuesday at the conference. “This isn’t something that we’re waiting for.”



While U.S. shale remains a global hot spot, with multibillion-dollar investment plans from supermajors Exxon Mobil Corp. and Chevron Corp., independent producers have been under pressure from investors to focus on delivering returns rather than ambitious growth plans. At the same time, after nearly half a decade of consecutive spending cuts, the offshore industry is expected to finally boost spending again to develop higher-gushing oil wells.

https://www.msn.com/en-us/money/markets/offshore-drilling-makes-a-comeback-after-years-in-shales-shadow/ar-BBVjjmo?li=BBnb4R7

[Rhiannon12866]

1. I read awhile back that every single governor of every state opposes offshore drilling

Regardless of party.